Nomic was one of the first networks that we launched our validator infrastructure on here at carbonZERO. We are proud to be in the active set and supporting this awesome upcoming blockchain. Now we understand that Nomic has seemed a bit slow and quiet in it’s development, but when you are building a project with true interconnectivity use case like bridging the Bitcoin blockchain to the Cosmos ecosystem, then you want to make sure it is done correctly!
Let’s take a closer look at the Nomic project and the $NOM token so you can get a bit better understanding on why we are so excited for the upcoming full mainnet launch this month!
What is Nomic?
Nomic is a layer-1 blockchain which offers a decentralized, non-custodial Bitcoin bridge. Most other ‘wrapped’ versions of Bitcoin on other chains like Ethereum are done on a centralized level. This is bring a true decentralized nature to the idea of a backed version of Bitcoin. With a non-custodial wallet, you are in full control.
nBTC is a token that represents 1:1 ownership of Bitcoin in an IBC-compatible token. This means that when you deposit BTC in to the system, you will be given an equal amount of the nBTC token which represents your BTC value on the Nomic blockchain.
NOM is a token used for securing the network which can be staked to earn Bitcoin rewards. This is the primary token of the Nomic blockchain that gives you governance in the system. You will also need NOM for ‘gas’ fees to transact on the network.
Fully Backed IBC Bitcoin
The bridging mechanism has been carefully designed to be secure in ways where other bridges fall short. Nomic’s Bitcoin reserve makes use of the new upgraded Bitcoin features such as Taproot and Schnorr signatures as well as innovative security features to make nBTC the safest Bitcoin bridge asset. Because the most secure crypto network needs a highly secure bridge!
The Nomic team has deep expertise with both Bitcoin and the Cosmos ecosystem, many serving as early Cosmos engineers and working with Bitcoin since 2011. They have led Bitcoin bridge development since 2018 and are building Nomic with love from Austin, Texas, which is quickly becoming a bit of a crypto hub.
But Nomic is more than just a bridge. The bridge is only their first product. The team is building toward a world with DAOs which hold nBTC reserves, over-collateralized BTC-backed stablecoins, and other opportunities for yield, all just one simple hop away from the Bitcoin blockchain.
How Does It Work?
Nomic’s goal is to make it extremely easy to use your Bitcoin on any IBC enabled chain. This allows your BTC to be used in DEFI on different platforms like the Osmosis DEX among others.
Basically the idea is that you will send on-chain BTC to the bridge and receive your nBTC immediately after the deposit. Then you can use your nBTC across the IBC ecosystem in different DEFI protocols that will be making use of the asset.
Once you have finished using your nBTC and want to withdraw to the main Bitcoin blockchain, you just simply withdraw your nBTC from the system and receive on-chain BTC!
Stake Your NOM with carbonZERO
As of time of this post, carbonZERO is currently number 36 in the active set and extremely happy with our position, especially as a newer validator team! Even have been encouraging for months now that you go in and compound your NOM rewards in your wallet so that you can capitalize on the insane APR that has been coming, which is currently around 300%.
If you are not compounding your NOM tokens from the airdrop then you are missing out! https://staging.nomic.io is where you can go and stake your tokens! Once you connect your Keplr wallet and add the chain to it, you will see if you had any airdropped tokens and begin staking! Hopefully you choose to delegate to your favorite eco-friendly validator team, carbonZERO!
Header image is a screenshot from the Nomic website
We Are carbonZERO
carbonZERO is a full service, eco-conscious validator node operator for the Cosmos ecosystem, providing infrastructure for several blockchain in the Cosmos ecosystem. We run top of the line bare metal servers, utilizing 64GB RAM, 1TB NVMe SSDs, and 8-core / 16-thread CPUs. Our node architecture consists of frontline sentry nodes for ultimate security. Future plans for additional security & performance include implementing threshold signer nodes, as well as additional sentry and RPC nodes.
Stake your $CMDX, $ROWAN, $HUAHUA, $CRBRUS, and $NOM with carbonZERO using our Restake app! Note NOM is currently not available on the Restake app. All others are available for staking, some with auto compounding capabilities.